GRBusiness
Banks are suspending our accounts wrongly over tax, BDCs cry


Banks are shutting down Bureau De Change (BDC) accounts over the demand that the operators pay taxes on their transactions turnover.
The lenders are writing to BDCs and implementing a ‘Post No Debit’ order on the operators’ accounts even where there is no evidence of tax default.
The Association of Bureau De Change Operators of Nigeria (ABCON) has condemned the action, insiting that banks’ suspension of BDCs accounts remain unlawful, according to The Nation report.
ABCON President Aminu Gwadabe said banks were acting on the directive of the Federal Inland Revenue Service (FIRS) by demanding that BDCs pay taxes on bidding funds used for dollar collections. The funds are sent through the commercial banks to the Central Bank of Nigeria (CBN) weekly.
“The BDCs are a high turnover sector and their funding cash for dollar collections cannot be subjected to taxes. An average BDC does over N30 million weekly turnover and paying taxes on such funds will affect their cash flow and ability to meet their statutory role of foreign exchange supply to the retail-end of the market,” Gwadabe said.
He said many of the affected BDC operators are facing funding challenges that need to be addressed immediately by concerned stakeholders. “In fact, we will be writing to the Central Bank of Nigeria (CBN) to complain about the illegal policy of the ‘Post No Debit’. Presently, most of our members funds with the deposit money banks for their bidding obligations are being trapped in the banks. This scenario, if not checked, will affect our members funding capacity, derail the sustainability of their businesses with the resultant liquidity spikes,” he said.
A letter from one of the commercial banks sited by the newspaper, said: “The bank has pursuant to section 49 of the Companies Income Tax Act LFN 2004 and Section 28, 29 and 31 of the Federal Inland Revenue Service (Establishment) Act No. 13 of 2007 been appointed by the Executive Chairman of the FIRS as collection Agent over your accounts”.
“Please be informed that consequent on this directive, we are compelled by law to place ‘Post No Debit’ on your account pending the receipt of further instructions from the Executive Chairman of FIRS. This is for your information and necessary action as you are best advised to contact the FIRS officials”.
According to Gwadabe, the new trend in collecting taxes from BDCs is unacceptable and must be stopped. He said that ABCON will be writing CBN to call the banks and other parties implementing the directive to order.
“The banks did not asked the BDCs to bring evidence of tax payment before they act. Value Added Tax- VAT- Exempt for BDCs is applicable in other climes and should also be practiced in Nigeria. The non-implementation of tax exempt in Nigeria is affecting the capacity of BDCs to effectively meet the foreign exchange demands at the retail-end of the market,” he said.
He said ABCON will continue to implement zero tolerance for non-compliance with regulatory requirement and unethical conduct amongst its members but will not sit idly and watch the businesses built by its members destroyed by illegal policy like the ‘Post No Debit’ order.
The ABCON, he added, has also created the office of Compliance Officer at its National Secretariat and in all its Zonal Offices to discipline operators that fail to comply with set regulations.
Gwadabe said the BDC sector is critical for continued stability in the foreign exchange market adding that the working of many developed economies is highly dependent on the activities of BDCs and Nigeria should not be an exception.
He said the BDCs have so far stamped their role as key players in the foreign exchange market, where they remain major economic drivers creating employment and wealth for Nigerians. These contributions, he added, require that the operations of BDCs be supported to sustain ongoing market rally and stability.
*The Nation


… Plant to create 5,000 jobs, produce 100 cubic metres of oxygen, 45 cubic metres of acetylene per hour
… Nitrogen, argon gas; carbon dioxide, CNG Stations in the pipeline
… Dr. Uduji: Mbah, Nehemiah of our time, rebuilding broken walls
…Kanayo O. Kanayo: Security is working in Enugu


Governor of Enugu State, Dr. Peter Mbah, on Thursday, unveiled Nigergas Company Limited, revamped and upgraded by his administration after over three decades of dormancy.
Mbah said Nigergas had so far created direct employment for over one hundred skilled and semi-skilled workers, and would further create over 5,000 indirect jobs across distribution, fabrication, transport and supplies chain.
He stressed that the revival of Nigergas company, which was established in 1962 as part of Dr. Michael Okpara’s after decades of abandonment, was another proof of his administration’s commitment to reviving state-owned moribund assets and grow Enugu State’s economy from $4.4bn to $30bn.
“What we have revived and unveiled today is not simply metal and a network of pipes; it is the restoration of purpose, dignity and productivity to a site that once symbolised Eastern Nigeria’s industrial promise.
“When we speak of the goal to grow our GDP from $4.4bn to $30bn, it is not mere posturing. It is rooted in the conviction that Enugu can become a truly diversified, self-reliant economy, if we muster the will to do things differently to launch us to the future we dream of,” he stated.
On Nigergas’ rehabilitation model, capacity, and expansion plan, Mbah said, “we approved a full rehabilitation scheme and a management model that blends public ownership with private-sector performance discipline.
“The intention was clear: retain public ownership, but run the facility on modern, accountable, commercially viable lines.
“So, today, Nigergas returns to production with modernised equipment and clear technical specifications designed to meet immediate healthcare and industry needs.


“The plant’s installed capacity has been upgraded to produce significant volumes of medical and industrial gases, ensuring steady local supply and reducing dependence on distant, expensive suppliers.
“Crucially, the plant will supply liquid oxygen, medical and industrial oxygen, and acetylene gas to our hospitals, welders, agro-processors and manufacturers, improving clinical outcomes and reducing production costs for businesses that are the backbone of local livelihoods.
“The new plant has a capacity to produce 100 cubic metres of oxygen per hour; and 45 cubic metres of acetylene per hour.
“We will soon bring on stream these additional products: nitrogen; argon gas; carbon dioxide; and CNG stations,” he said.
He maintained that Nigergas’ revival would guarantee access to reliable medical oxygen saves lives, on-demand industrial gases to lower operating costs, speeds turnaround and keeps workshops and factories turning.
“These improvements ripple outward: increased industrial activity strengthens our revenue base, and deepens opportunities for MSMEs,” he said.
He commended the Managing Director of the Enugu State Investment Authority, and the Commissioner for Trade, Investment and Industry, Dr. Sam Ogbu-Nwobod; the engineering firm, Ten Gas Development Ltd (a division of INDEV GROUP and the community leaders of Emene for their roles in resurrecting Nigergas.
speaking, Dr. Ogbu-Nwobodo expressed joy that although the firm established by Dr. Okpara Administration in partnership with Siad Machine Impianti was abandoned for over three decades due to mismanagement, misappropriation of revenue, abuse of company resources, nepotism, and weak corporate governance, Governor Mbah had restored the lost dreams.
The Managing Director, Ten Gas Development Ltd., Chief Chike Madueke, noted that the restored Nigergas would provide training and thousands of employments for the youths of the state.
The Chairman, Enugu State Traditional Rulers Council, Igwe Samuel Asadu; community leader and health consultant, Dr. Joy Uduji; Chairman of Enugu East LGA, Pastor Beloved Dan Anike and a businessman, Engr. George Ndubeze Ugwu, also commended Mbah for not only breathing life into dead state-owned assets, but for also building infrastructure that make lives better and enable businesses to thrive.


“You are the Nehemiah of our time. Like Nehemiah, who came and supervised the rebuilding of the walls of Jerusalem, you have also come to rebuild Enugu State,” Dr. Uduji said.
Speaking, Nollywood veteran actor and movie produce, Kanayo O. Kanayo, said, “It is not praise-singing, security is working here because when I come to make movies here, we usually stay out late into the night at Nike, and we are safe.”
Transport
August24news Publisher, Ajagbe, Set to Present Best Driver and Best Conductor of The Year Awards


As part of efforts to sanitize and project the image of the transportation system in Lagos State and ability to reward good deeds and eliminate the bad eggs among the drivers and conductors in the state, Lagos-based frontline journalist and publisher of Nigerian Online Newspaper, August24news.com, Mr. Ajagbe Adeyemi Teslim is set to present the best driver and best conductor awards to deserving professionals in the state.
The competition is expected to start in January 2026 and end by December 2026 and it has been designed to be a yearly competition after the maiden edition.
The parameters and measures put in place to pick the Best Driver and Best Conductor in the state is through commuters’ commendations, score cards, online voting system by the general public, public opinions and other relevant methods.
Many drivers and conductors in Lagos State are known for their lackadastical attitudes, but there are still good ones among them, which is the reason we want to reward the good ones among them so that the wrong ones will emulate from the rewarded ones.
Speaking at a press conference in Lagos, the convener of the Award and Publisher of August24news.com, Mr. Ajagbe Adeyemi Teslim highlighted some of the marks expected in every drivers and conductors before winning the awards.
He said they must possess good characters, good dress sense, good driving skills, saying that drivers and conductors must charge their passengers reasonable transport fares, possess good communication skills and relate well with their passengers, they should avoid stoping at undesignated bus-stops, avoid handling our naira with care because the way they are mishandling our naira is one of the reason why our currency is fading and changing faces.
In addition, he said that they should avoid bribing officials of the Lagos State Traffic Management Authority (LASTMA) and other road transport officials because they want to have their ways, they must receive and welcome their passengers with smiles and greetings, avoid pushing and roughhandly their passengers into and outside the bus, they must not smoke and drink before or while on duity.
He said they should be able to help passengers with free ride if the person pleads with them and they should not fight passengers whose fare is not completed, they must not make calls while driving, they should sit properly and avoid hanging on the bus, avoid picking passengers at unapproved bus stops and his or her bus must be in good condition before plying Lagos roads.
On what would be the benefits of the winner, Ajagbe stated that the winner will go home with over dozen gifts which include, a brand new bus, a brand new private car, a duplex, free 20 liters of fuel daily for a month, twenty four million naira cash, brand ambassador contract, driving contract, tour of 10 notable places in the state, courtesy visit to 10 dignitaries in Lagos State, automatic employment for two of his children in Lagos State, 24 different native and English attires from a popular designer, 24 new tyres, an award plaque, conductor and driver bet, a befitting gala night and Letter of commendation from the Lagos State Government, adding that the best conductor will also get whatever the driver gets.
When asked about what prompted the idea, the publisher said that he had witnessed many ugly incidents among Lagos drivers and conductors, which he said made him think of a way to change the narrative and to rebrand the profession.
According to him, “we want to put them on the watch, we want to set an agenda for them, we want to curb thier lakadastical act and non-challantant attitude such as drinking and smoking while on duty as well as reward the best among them, eradicate the bad ones and also encourage others so that they can be emulated.
He added that there is no agency that monitors thier activities in the state, claiming that what the National Union of Road Transport Workers (NURTW) and local governments does is just to collect fees and levies from them.
Speaking further, he said; “I have witnessed a situation where drivers and conductors beat passengers because of a mere 10 naira change during argument.
“I have witnessed, where drivers and conductors abused and insulted passengers which led to trauma. I have seen where a passenger was stranded, trekked home and even begged for transport fares simply because a wicked conductors took his change away. I have seen where people where properly dressed, clean and neat, unfortunately a public bus tore and dirty thier cloth. These are people who are set for their daily jobs, going for job interviews and attending social gathering.
He said that on numerous occasions, he had seen situations where conductors and drivers returned lost phones, gadgets, loads and even bags of money to their passengers, saying that “we must not shy away from the truth or be economical with the truth, the good ones are still living and must also be recognized and rewarded.”
“I have not seen when conductors give passengers free ride out of the 365 days in a year. Some of them are not friendly with their customers, they should be able to give back to the society or their passengers and they should be ready to partake in CSR. Anyone who does this will win the award of the year,” he said
When asked what his organisation stands to benefit from the awards, Ajagbe told newsmen that his target are numerous because “we want the best for Lagos State and Nigeria as a whole. We want them to be responsible and accountable to their passengers and the general public. We want commuters to get value for their money, We want them to be good ambassadors because foreigners and the international communities see their practice.
“We want to set an agenda for them, we want to change the narrative, we want to change the public orientation that public bus drivers and conductors are respected people and not bad people as people see them.
“Some of them are always the cause of accidents on our roads due to their lakadastical attitude. We want the government to put them on a good pedestal. We want them to put a stop to their hooliganism and fighting during the cause of their business.
“The NURTW and the local governments are levies collectors. We want the state government to mandate drivers and conductors to start wearing uniforms and have numbers to identify the erring ones among them,” he stated.
Speaking on the measure and yardstick to pick the best driver and best conductor among the thousands in the business, Ajagbe stated that members of the public will engage in voting after evaluating all the requirements.
The drivers and the conductors will also appeal to their passengers to vote for them via hard copy forms, sms text code and online voting.
Ajagbe said that all commercial buses drivers and conductors in Lagos State are eligible to participate in the competition because it is free, adding that no payment is required to participate in the competition once he or she is a registered member of the union in a specific garage attached to a route in Lagos State.
When asked if the project will fly and accepted by members of the public and even get sponsors, Ajagbe said that 90 percent of Lagosians ply public busses on a daily, weekly, monthly and yearly basis to their various destination and they must have had one or two experiences with some of these drivers and conductors and they will be willing to share their positive or negative thoughts.
He stressed that the job is taking a new look and dimensions, particularly when it’s coming with rewards and that sponsors are always keen to assist creative ideas and concepts like this.
“We would work in hand with the Lagos state government, the state Ministry of Transportation, Lagos State Branch of the NURTW State, local government branch and Unit Chairmen, drivers and conductors association and other relevant agencies attached to transport business in Lagos state”. Ajagbe added.
Ajagbe revealed that the whooping sum of one billion naira (1.000,000,000) is proposed for the project and then called on the Lagos state government, the ministry of Transportation, corporate bodies, well meaning Nigerians to key into the idea and response promptly to the proposal sent to them as he can be contacted through; [email protected] for sponsorship and partnership to produce the best Driver and Best Conductor in Lagos State.
Commenting on the project, is former LAGOS State commissioner for Transportation, Hon. Dr. Muiz Banire (SAN) stated that it is a laudable project that will add honour to the work of the commercial bus drivers and conductors in Lagos State as he kindly appealed to sponsors to fully support the project.
Finance
Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness
By ORJI ISRAEL


President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.
The tool is expected to make compliance easier and improve transparency in the system.
In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.
“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.
Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.
The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.
Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.
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